The stock price jumped yesterday as McGraw-Hill announced a 7.3% increase in its dividend payout. The company also said it expects to buy back 20 million shares.
The new quarterly dividend of 22 cents per share, up from 20 and a half cents, will be paid March 12th to shareholders of record on February 27th.
“This marks the 35th consecutive year that The McGraw-Hill Companies has increased its dividend, which underscores management’s ongoing commitment to advancing shareholder value. Our increased dividends, along with our stock repurchase program, has enabled us to return approximately 8.4 billion to shareholders since 1996 — including approximately 2.5 billion in the past year," noted CEO Terry McGraw.